Evolv Technologies (NASDAQ:EVLV) Sees Unusually-High Trading Volume – What’s Next?

Evolv Technologies Holdings, Inc. (NASDAQ:EVLV) saw unusually-strong trading volume on Tuesday . Approximately 2,954,228 shares traded hands during mid-day trading, an increase of 69% from the previous session’s volume of 1,747,633 shares.The stock last traded at $3.37 and had previously closed at $3.36.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Northland Securities downgraded shares of Evolv Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, October 28th. Northland Capmk cut Evolv Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Lake Street Capital reduced their target price on Evolv Technologies from $3.50 to $2.75 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, TD Cowen cut Evolv Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.60.

Evolv Technologies Price Performance

The firm has a market cap of $616.81 million, a P/E ratio of -27.96 and a beta of 1.34. The firm’s 50 day moving average is $3.41 and its 200 day moving average is $3.19.

Institutional Trading of Evolv Technologies

Hedge funds have recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC purchased a new position in Evolv Technologies during the first quarter valued at $2,897,000. Key Colony Management LLC increased its holdings in shares of Evolv Technologies by 12.1% during the third quarter. Key Colony Management LLC now owns 5,061,463 shares of the company’s stock valued at $20,499,000 after acquiring an additional 545,492 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Evolv Technologies by 159.4% in the 3rd quarter. GSA Capital Partners LLP now owns 884,224 shares of the company’s stock worth $3,581,000 after purchasing an additional 543,322 shares during the last quarter. Vanguard Group Inc. boosted its stake in Evolv Technologies by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 7,193,962 shares of the company’s stock worth $32,013,000 after purchasing an additional 407,396 shares in the last quarter. Finally, Essex Investment Management Co. LLC purchased a new stake in Evolv Technologies during the 3rd quarter valued at about $1,614,000. 66.65% of the stock is owned by institutional investors.

About Evolv Technologies

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening in the United States and internationally. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives; and Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics.